MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 18.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 196,783 shares of the information technology services provider’s stock after purchasing an additional 31,125 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in ServiceNow were worth $209,103,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after buying an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. FMR LLC raised its holdings in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of ServiceNow by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the period. Finally, Norges Bank purchased a new position in shares of ServiceNow during the fourth quarter valued at about $2,603,360,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Up 0.7%

Shares of NOW opened at $981.13 on Monday. The business’s 50 day moving average is $844.85 and its 200 day moving average is $970.58. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market capitalization of $203.09 billion, a PE ratio of 143.65, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the firm posted $3.41 earnings per share. The business’s revenue was up 18.6% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 191 shares of the business’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the completion of the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,267,020. The trade was a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Larry Quinlan sold 415 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total transaction of $419,340.90. Following the completion of the sale, the director now owns 1,322 shares in the company, valued at $1,335,828.12. This represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,259 shares of company stock valued at $14,624,279. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley upped their price target on ServiceNow from $881.00 to $950.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 24th. TD Securities reaffirmed a “buy” rating and issued a $1,100.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Robert W. Baird boosted their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Finally, Wells Fargo & Company raised their target price on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,055.83.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.